Correlation Between Asian Hotels and Shigan Quantum
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By analyzing existing cross correlation between Asian Hotels Limited and Shigan Quantum Tech, you can compare the effects of market volatilities on Asian Hotels and Shigan Quantum and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Asian Hotels with a short position of Shigan Quantum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asian Hotels and Shigan Quantum.
Diversification Opportunities for Asian Hotels and Shigan Quantum
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Asian and Shigan is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Asian Hotels Limited and Shigan Quantum Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shigan Quantum Tech and Asian Hotels is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Asian Hotels Limited are associated (or correlated) with Shigan Quantum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shigan Quantum Tech has no effect on the direction of Asian Hotels i.e., Asian Hotels and Shigan Quantum go up and down completely randomly.
Pair Corralation between Asian Hotels and Shigan Quantum
Assuming the 90 days trading horizon Asian Hotels Limited is expected to generate 0.56 times more return on investment than Shigan Quantum. However, Asian Hotels Limited is 1.79 times less risky than Shigan Quantum. It trades about 0.24 of its potential returns per unit of risk. Shigan Quantum Tech is currently generating about 0.02 per unit of risk. If you would invest 17,746 in Asian Hotels Limited on August 24, 2024 and sell it today you would earn a total of 2,313 from holding Asian Hotels Limited or generate 13.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
Asian Hotels Limited vs. Shigan Quantum Tech
Performance |
| Timeline |
| Asian Hotels Limited |
| Shigan Quantum Tech |
Asian Hotels and Shigan Quantum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asian Hotels and Shigan Quantum
The main advantage of trading using opposite Asian Hotels and Shigan Quantum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asian Hotels position performs unexpectedly, Shigan Quantum can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Shigan Quantum will offset losses from the drop in Shigan Quantum's long position.| Asian Hotels vs. JGCHEMICALS LIMITED | Asian Hotels vs. Dhunseri Investments Limited | Asian Hotels vs. Mangalore Chemicals Fertilizers | Asian Hotels vs. Allied Blenders Distillers |
| Shigan Quantum vs. Reliance Industries Limited | Shigan Quantum vs. Tata Consultancy Services | Shigan Quantum vs. HDFC Bank Limited | Shigan Quantum vs. Bharti Airtel Limited |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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